Economy

Dior CEO Sidney Toledano steps up lead LVMH Fashion Group

Dior CEO Sidney Toledano steps up lead LVMH Fashion Group”

Across the fashion industry, new blood is stepping into the executive ranks amid the rise of online shopping and a sales rebound in China, with traditional markets like the USA and Europe lagging behind. Sales at existing Kmart stores dropped 13% in the third quarter.

In addition, Pietro Beccari has been appointed Chairman and CEO of Christian Dior Couture after heading up Fendi since 2012 and he also becomes an LVMH Executive Committee member, while Pierre-Yves Roussel steps down as head of the Fashion Group after ten years.

"Arnaud said of Toledano: "[He] is the driving force behind the huge success of Christian Dior Couture across the world.

Nissan Motor Chief Executive Hiroto Saikawa said fierce competition in the USA has been eating into margins, meaning the company needs to prioritize profits despite his boss Carlos Ghosn's ambitious growth targets for the company. Sales for the brand - known for its fur coats - crossed the 1 billion-euro threshold past year.

Roussel will become a "Special Advisor to Bernard Arnault" and will shortly assume new operational responsibilities within the LVMH Executive Committee, "of which he has been a member for 14 years", says LVMH.

The generational shift at Dior comes months after LVMH, the world's biggest luxury goods company, brought the couture part of the label in-house for US$7.5 billion, uniting it with the perfume and beauty offshoots.

LVMH laid the groundwork this year for Toledano's succession with several executive changes.

LVMH hired Nicola Brandolese from Italian eyewear maker Luxottica earlier this year, where he was head of retail.

He will be replaced by Pietro Beccari, the managing director of Fendi, another company in the LVMH empire.

Toledano joined Dior in 1994 and became CEO in 1998. In 2011, Bloomberg said, he fired the label's head designer Galliano after he was filmed uttering anti-Semitic comments in a Paris cafe. "He will be an excellent leader who will steer Dior towards ever greater success in the future".

It has doubled its sales over the past five years. The project is known internally as "One Dior". His eldest daughter Delphine, 42, climbed the ranks at Dior before becoming director and executive vice president at Louis Vuitton, while son Antoine, 40, is CEO of Berluti and president of Loro Piana. LVMH brands including Celine, Loro Piana and Loewe recently named new heads.



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